1947 E Velvet Drive, Tempe, AZ 85284, Tempe, 85284 - 3 bed, 2 bath
Loading property details...
Tempe, AZ 85284
This Renovated Single-Family Residence is a High-Potential Investment Opportunity, listed at $669,000—positioned well below the $878,459 Fair Market Value by 23%. This valuation gap provides $209,459 in Instant Equity. Boasting a Condition Score of 2, the home features a modernized kitchen, private deep-water pool, and a large cul-de-sac lot with No HOA. Located near top-rated schools like Corona Del Sol High, it balances luxury living with significant financial upside. This is an exceptional acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1947 E Velvet Drive Subject | $669,000* List Price | 3 | 2 | 1,650 | $532 | - |
A 1976 E BUENA VISTA Drive Sold | $668,000 | 3 | 2 | 1,960 | $341 | 0.3 mi |
B 1804 E VELVET Drive Sold | $616,000 | 3 | 2 | 1,615 | $381 | 0.3 mi |
C 1942 E KRISTA Way Pending | $739,000 List Price | 3 | 2 | 1,997 | $370 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Although built in 1984, the property has undergone extensive recent renovations within the last 5 years. The interior features brand-new wood-look tile flooring, a fully updated kitchen with modern cabinetry, quartz countertops, and stainless steel appliances, as well as updated lighting and fresh paint throughout, meeting the criteria for a high-quality, move-in-ready home with no deferred maintenance.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8507, living area = 1650.
The home features high-end modern updates including new cabinetry throughout, custom kitchen appliances, and new tile flooring, providing a move-in-ready aesthetic.
The oversized cul-de-sac lot includes a private deep-water pool, custom turf, and professional paver patios, offering a superior backyard experience for the area.
While the elementary and high schools are highly rated, the assigned middle school has a lower rating of 3, which may be a concern for education-focused buyers.
Despite the modern interior finishes, the 1984 construction may involve aging original systems or structural elements that require ongoing maintenance compared to newer homes.
Motivated Sellers say bring your Buyers! This MUST SEE incredible 3 bedroom, 2 bathroom single level home in the highly sought after Tempe Royal Palms neighborhood. Split floor-plan features interior updates including new cabinetry throughout. Kitchen has open plan with custom appliances. Open entry to great room. Fireplace. New tile flooring throughout. Master suite features French doors to side patio, dual vanities, beautiful shower, a large walk in closet and a private toilet room. Home is highlighted by vaulted ceilings, custom lighting combined with an abundance of natural light. Rare oversized backyard features a private deep water pool, custom turf and paver walks and patios. Situated on a cul-de-sac lot with no HOA close to everything.
No exterior & parking available.
Grades PK-5 • 1.0 mi
Grades 6-8 • 1.0 mi
Grades 9-12 • 1.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 37% |
| Baths | 2.0 | 3.0 | 46% |
| Square foot | 1,650 | 2,387 | 17% |
| Lot Size | 8,507 | 9,087 | 38% |
| Price | $669.0K | $360.0K | 70% |
| Price per sq ft | $405 | $204 | 97% |
| Built year | 1984 | 1987 | 19% |
| HOA | $0 | $175 | 25% |
| Days on market | 33 | 2854 | 2% |
Mar 20, 2026
$669,000
Initial Listing